Only 6% of homes in Mexico are insured

Tomorrow, September 19, marks 3 years of the 2017 earthquake and 35 years of the 1985 earthquake ; both have remained in the national memory for their high impact both in deaths and in building collapses.

One of the main lessons that this type of event has left is to support homes against the damage of an earthquake , which is why many people turned to see home insurance. However, only 6.7% of households in Mexico are insured , according to the Mexican Association of Insurance Institutions (AMIS).

Likewise, the Association comments that this is worrying, since 41% of the Mexican territory is vulnerable to this type of natural phenomenon and about 31% are vulnerable, since many people live in high-risk places such as volcanoes, geological faults and coasts.

"Due to the variety of Mexican geography and its climates, practically all regions are at constant risk from disasters such as: hurricanes, earthquakes, floods, volcanic eruptions, landslides, tornadoes, etc. Therefore, insurance should be seen more as a necessity than an expense, "said Iñaki Pérez, Director and co-founder of Ahorra Seguros, a specialized insurance platform, in a statement.
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It should be noted that in 2017, there was an exponential growth in the contracting of insurance for housing and property , insurers such as AXA or BBVA registered an increase of up to 200%, but according to Ahorro Seguros this increase did not last long.

According to the insurance platform, AMIS expressed that it is common that after disasters, the contracting of insurance increases drastically, but that after 2 or 3 years, people stop paying them.

"This is because fear or concern is gradually decreasing. In other words, the culture of prevention in Mexico is still not part of the daily life of society ".
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Due to the current context derived from the Covid-19 pandemic, Ahorro Seguros highlighted that Mexicans have stopped acquiring this type of services to protect their homes.

"In the first semester of this year, the contracting of damage premiums in homes reached 110 billion pesos, which means a reduction of 9.3% compared to the same period of the previous year, the AMIS reported."

In these situations it is important to be protected, so it is necessary to acquire a culture of prevention and approach to these services , which are essential to protect the heritage of families.